$6.9 billion 2nd quarter production
By MortgageDaily.com staff
7/23/2002

World Savings Bank parent Golden West Financial Corporation announced record loan production for the second quarter of 2002. In addition, Golden West posted record second quarter diluted earnings per share.

The company, which says it is the second largest thrift in the U.S., reported second quarter loan originations of $6.9 billion, 23% higher than the same period last year. Total loans receivable, including purchased mortgage backed securities, was $59.0 billion on June 30, 2002, compared to $53.7 billion a year ago.

Golden West said earnings per share during the second quarter were a record $1.44, eleven percent higher than the prior year. Net earnings were $226.3 million.

A 10% loan portfolio expansion during the past year caused an increase in the company's net interest income, according to CEO Marion O. Sandler. "An additional contribution came from a higher profit margin in the second quarter of 2002 compared to a year earlier," Ms. Sandler said. Golden West's primary spread -- the difference between the yield on loans and other earning assets and the rate on savings and borrowings -- averaged 2.96% compared with 2.68% during the second quarter of 2001.

Article © MortgageDaily.com All Rights Reserved